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Retirement Planning

As your retirement financial advisors, it is never too early to start thinking about planning your retirement options. By identifying sources of income, implementing a savings program, etc., you will be on the right path in achieving your retirement goals. Based here in Corner Brook, Newfoundland, our experienced financial advisors will help you with your retirement planning and find the best solutions for your situation. From RRSPs to RRIFs to LIFs and more, we’ll help you navigate the world of retirement planning.

Registered Retirement Savings Plan (RRSP)

An RRSP offers multiple tax advantages; not only can you invest money tax-free, but you can also deduct all contributions from your taxable income to become eligible for a tax refund.

Tax-Free Savings Account (TFSA)

This savings plan is available to anyone who is the age of 18 years or older. The TFSA is a unique savings account, it allows you to grow your savings on a tax-free basis. When it comes to withdrawing from a TFSA account you may withdraw funds whenever you want without having a tax penalty.

Locked-In Retirement Accounts (LIRA)

This plan is ideal if you have changed employers and wish to transfer funds from your group pension plan to an individual plan so as to have more control over your investments.

Life Income Funds (LIF)

If your savings have been placed in a locked-in retirement account (LIRA), a life income fund (LIF) will allow you to periodically withdraw the funds you require to live comfortably.

Registered Retirement Income Funds (RRIF)

A RRIF acts as an extension of a registered retirement savings plan (RRSP). It allows you to utilize the savings you have accumulated during your working life. You have until December 31 of the year you turn 71 years of age to convert the amounts invested in your RRSP into an RRIF.

Annuities

Annuities are ideal if you would like to convert a portion of your savings into a fixed and guaranteed income that provides you with regular payments. There are two types of annuities: life, which provides you with income for life, and certain, which provides you with income over a predetermined period of time.